Ludhiana, November 8, 2012: India First Life Insurance, a joint venture between two of India’s largest public sector banks - Bank of Baroda and Andhra Bank along with UK’s leading risk, wealth and investment company Legal and General, today announced the launch of its India First Simple Benefit Plan that offers dual benefits of a life cover and assured savings.
According to Kamalakar Sai, Director Sales, India First Life Insurance, “Our India First Simple Benefit Plan offers an insurance cover on your life and additionally helps you earn and secure returns on the money that you invest with us, with premiums as low as Rs.174 per month. This plan is customized for people who want to save and at the same time secure their families from uncertainties of life – but do not have large disposable incomes”.
The plan promises to pay out a guaranteed amount plus additional earnings from bonuses on specific events like death ormaturity.It offers a death benefit equal to the sum assured plus 5 times the annual premium, in case of the lifeassureds' untimely demise. The death benefit along with the simple reversionary bonus accumulated (till death) will be paid out to the nominee. The sum assured alongwith simple reversionary bonus and terminal bonus, if any will be paid at the end of the plan term.
Customers can also access their money easily during any emergency by availing a loan of up to 90 percent of the surrender value. Tax benefits on the premium invested can also be enjoyed under Section80C and maturity benefits under Section 10(10D), as per the Income Tax Act,1961.